BEIJING, Oct. 25 (Xinhua) -- China's top legislature Monday began its fourth reading of a draft law on social insurance that aims to prevent the improper use of social security funds.
The draft law stipulates that social security funds may neither be used to cover government budget deficits, build or renovate government offices, nor pay government agencies' day-to-day expenditures.
The draft was submitted to the Standing Committee of the National People's Congress (NPC) Monday.
The first draft was submitted to the legislature in Dec. 2007, following a scandal in Shanghai involving 3.7 billion yuan (502.3 million U.S. Dollars) of social security funds.
After investigations, authorities there determined that a municipal labor and social security bureau-owned company had illegally loaned the sum to Shanghai Feidian Investment Development Co. Ltd.